Capitanich denies further devaluation plans

Cabinet Chief Jorge Capitanich rejected that the government plans to further devaluate the peso, in response to criticism by Argentine Industrial Union (UIA) head Héctor Méndez, who had suggested that it might need to intervene to accelerate the devaluation.

Ahead of an official meeting with UIA’s representatives and Domestic Trade Secretary Augusto Costa today, Capitanich said those who talk of devaluation “are the same who criticize the government when they say there is a depreciation”.

The official denounced an “evil strategy by certain social actors who do not identify their goals with the country’s strategic objectives”.

Last week Méndez said that the country’s productive sector is unable to export and suggested that the government might intervene on the exchange rate to accelerate the devaluation of the peso.

Capitanich said today that the demand is affected by a decrease in global trade and that the government is actively seeking new markets and encouraging exports.